<p><img src="https://static1.businessinsider.com/image/5ebd841faee6a807a4177e24-2400/cit bank savings review 4x3.png" border="0" alt="CIT Bank savings review 4x3" data-mce-source="CIT Bank; Alyssa Powell/Business Insider"></p><p></p><bi-shortcode id="disclaimer" class="mceNonEditable" data-type="pfi"> </bi-shortcode><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><ul class="summary-list"><li>CIT Bank has two high-yield savings accounts with tiered interest rates.</li><li>You'll need at least $100 to open a checking, saving, or money market account, and $1,000 for a CD.</li><li>CIT doesn't have an ATM network, but it does reimburse up to $30 per month for out-of-network fees.</li><li><a href="https://www.businessinsider.com/best-high-yield-savings-accounts-rates-right-now" target="_blank" rel="noopener" data-analytics-module="summary_bullets" data-analytics-post-depth="0">See Business Insider's picks for the best high-yield savings accounts </a></li></ul><aside class="quick-tip headline-regular"><p><strong>Updated on 2/19/2021: </strong>We updated this review with a new section on CIT Bank's Better Business Bureau rating and reputation as a company. We're currently adding information on trustworthiness to all of Personal Finance Insider's reviews.</p></aside><bi-shortcode id="table-of-contents-sticky" class="mceNonEditable" data-type="h2">Table of Contents: Masthead Sticky</bi-shortcode><h2>Should you use CIT Bank'</h2><table style="width: 100%; border-collapse: collapse;" border="1" cellpadding="10px"><tbody><tr><td style="width: 50%; text-align: center;"><strong>You might like CIT Bank if you...</strong></td><td style="width: 50%; text-align: center;"><strong>You might not like CIT Bank if you...</strong></td></tr><tr><td style="width: 50%;"><ul><li>Can afford the minimum opening deposits</li><li>Don't mind (or prefer) banking online</li><li>Qualify for the top savings account rate tiers</li></ul></td><td style="width: 50%;"><ul><li>Can't afford the minimum opening deposits</li><li>Aren't comfortable banking digitally</li><li>Are looking for the highest CD rates</li><li>Don't qualify for the highest savings account rate tiers</li></ul></td></tr></tbody></table><aside class="quick-tip headline-regular"><p><strong>The bottom line:</strong> CIT Bank is a good option for people who are eligible for the best interest rates on one of its two high-yield savings accounts.</p></aside><h2><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="name" data-customtext="" data-shouldlink="true" data-pid="60302102e41a5900124a8565">CIT Bank Savings Connect Account</bi-inline-shortcode> review</h2><bi-shortcode id="commerce-link" class="mceNonEditable" data-cardtype="credit-card" data-pid="60302102e41a5900124a8565" data-type="undefined">CIT Bank Savings Connect Account</bi-shortcode><p> </p><p><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="product_editorial_name" data-customtext="" data-shouldlink="true" data-pid="60302102e41a5900124a8565">CIT Bank Savings Connect Account</bi-inline-shortcode> has a tiered interest rate system. You'll qualify for the highest rate if you make at least $200 per month in direct deposits into a linked <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="name" data-customtext="" data-shouldlink="true" data-pid="5ec2ce0c19182475210c2d03">CIT Bank eChecking Account</bi-inline-shortcode>. But even if you can't afford $200 every month, the lower-tiered rate is still competitive.</p><bi-shortcode id="related-article-module" class="mceNonEditable" data-type="5da935af4af9095f0241a272" data-title="The best online high-yield savings accounts of February 2021" data-url="https://www.businessinsider.com/personal-finance/best-high-yield-savings-accounts-rates-right-now" data-thumbnail="https://i.insider.com/5de159ccfd9db25f300616b6" data-shortcode-display-text="Related Article Module: The best online high-yield savings accounts of February 2021"> </bi-shortcode><p>If you can't swing the $200, you may prefer the <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="name" data-customtext="" data-shouldlink="true" data-pid="5ea352664bca631e872c4ba7">CIT Bank Savings Builder High Yield Savings Account</bi-inline-shortcode>. This account's interest rates aren't quite as competitive, but they're still better than what you'd earn with many banks. You'll earn the higher rate if you either keep $25,000 or more in the account or deposit $100 monthly.</p><h2><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="name" data-customtext="" data-shouldlink="true" data-pid="5ec2ce0c19182475210c2d03">CIT Bank eChecking Account</bi-inline-shortcode> review</h2><bi-shortcode id="commerce-link" class="mceNonEditable" data-cardtype="credit-card" data-pid="5ec2ce0c19182475210c2d03" data-type="undefined">CIT Bank eChecking Account</bi-shortcode><p>The <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="name" data-customtext="" data-shouldlink="true" data-pid="5ec2ce0c19182475210c2d03">CIT Bank eChecking Account</bi-inline-shortcode> pays <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="annual_percentage_yield_apy_display" data-customtext="" data-shouldlink="false" data-pid="5ec2ce0c19182475210c2d03">0.10% to 0.25%</bi-inline-shortcode>, well above the <a href="https://www.fdic.gov/regulations/resources/rates/" target="_blank" rel="noopener">national average of 0.04%</a>.</p><bi-shortcode id="related-article-module" class="mceNonEditable" data-type="5ed7fc153ad861242a46bc2f" data-title="Here are the best checking accounts available right now" data-url="https://www.businessinsider.com/personal-finance/best-checking-accounts" data-thumbnail="https://i.insider.com/5ed92909aee6a86e94137448" data-shortcode-display-text="Related Article Module: Here are the best checking accounts available right now"> </bi-shortcode><p>Unlike many banks, CIT Bank doesn't have an ATM network. However, it doesn't charge you to use ATMs, and it reimburses up to $30 per month for fees charged by ATM providers. If you use ATMs so often that you'd pay more than $30 monthly for ATM fees, CIT Bank probably isn't your best match.</p><h2><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="name" data-customtext="" data-shouldlink="true" data-pid="5ebdbb5af34d05288b23a5cd">CIT Bank Certificate of Deposits (CD)</bi-inline-shortcode> review</h2><table style="width: 100%; border-collapse: collapse;" border="1" cellpadding="10px"><tbody><tr><td style="width: 20%;"> </td><td style="width: 20%; text-align: center;"><strong><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="product_editorial_name" data-customtext="" data-shouldlink="true" data-pid="5ec2dd751918247e643fd4c2">CIT Bank Term CD</bi-inline-shortcode></strong></td><td style="width: 20%; text-align: center;"><strong><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="product_editorial_name" data-customtext="" data-shouldlink="true" data-pid="5ec2df363f737007f04a2d13">CIT Bank No-Penalty CD</bi-inline-shortcode></strong></td><td style="width: 20%; text-align: center;"><strong><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="product_editorial_name" data-customtext="" data-shouldlink="true" data-pid="5ec2de19988ee37e56757566">CIT Bank RampUp CD</bi-inline-shortcode></strong></td><td style="width: 20%; text-align: center;"><strong><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="name" data-customtext="" data-shouldlink="true" data-pid="5ec2dec3988ee37edd155976">CIT Bank Jumbo Certificate of Deposit (CD)</bi-inline-shortcode></strong></td></tr><tr><td style="width: 20%;"><strong>APY</strong></td><td style="width: 20%; text-align: center;"><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="annual_percentage_yield_apy_display" data-customtext="" data-shouldlink="false" data-pid="5ec2dd751918247e643fd4c2">0.72% APY to 1.30% APY</bi-inline-shortcode></td><td style="width: 20%; text-align: center;"><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="annual_percentage_yield_apy_display" data-customtext="" data-shouldlink="false" data-pid="5ec2df363f737007f04a2d13">1.15% APY</bi-inline-shortcode></td><td style="width: 20%; text-align: center;"><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="annual_percentage_yield_apy_display" data-customtext="" data-shouldlink="false" data-pid="5ec2de19988ee37e56757566">0.25% APY</bi-inline-shortcode></td><td style="width: 20%; text-align: center;"><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="annual_percentage_yield_apy_display" data-customtext="" data-shouldlink="false" data-pid="5ec2dec3988ee37edd155976">1.00% APY to 1.05% APY</bi-inline-shortcode></td></tr><tr><td style="width: 20%;"><strong>Term length</strong></td><td style="width: 20%; text-align: center;">6 months to 5 years</td><td style="width: 20%; text-align: center;">11 months</td><td style="width: 20%; text-align: center;">1 year to 4 years</td><td style="width: 20%; text-align: center;">2 years to 5 years</td></tr><tr><td style="width: 20%;"><strong>Minimum opening deposit</strong></td><td style="width: 20%; text-align: center;">$1,000</td><td style="width: 20%; text-align: center;">$1,000</td><td style="width: 20%; text-align: center;">$25,000 to $50,000</td><td style="width: 20%; text-align: center;">$100,000</td></tr></tbody></table><p>You'll earn higher rates on CDs than with a brick-and-mortar bank, but many online banks payer higher APYs than CIT Bank right now.</p><bi-shortcode id="related-article-module" class="mceNonEditable" data-type="5dd312be3afd37342b479224" data-title="The best CD rates of September 2020" data-url="https://www.businessinsider.com/personal-finance/who-has-the-best-cd-rates-right-now" data-thumbnail="https://i.insider.com/5dde8f85fd9db257724a8fd4" data-shortcode-display-text="Related Article Module: The best CD rates of September 2020"> </bi-shortcode><p>CIT Bank offers a wide range of CD options. If you withdraw funds before your CD matures, CIT Bank will charge an early withdrawal penalty of between three and 12 months interest, which is fairly standard for CDs.</p><h2><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="product_editorial_name" data-customtext="" data-shouldlink="true" data-pid="5ec2e1b8f0f419747255b0f4">CIT Bank Money Market Account</bi-inline-shortcode> review</h2><bi-shortcode id="commerce-link" class="mceNonEditable" data-cardtype="credit-card" data-pid="5ec2e1b8f0f419747255b0f4" data-type="undefined">CIT Bank Money Market Account</bi-shortcode><p>The <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="product_editorial_name" data-customtext="" data-shouldlink="true" data-pid="5ec2e1b8f0f419747255b0f4">CIT Bank Money Market Account</bi-inline-shortcode> offers a competitive rate of <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="annual_percentage_yield_apy_display" data-customtext="" data-shouldlink="false" data-pid="5ec2e1b8f0f419747255b0f4">1.20%</bi-inline-shortcode>. You'll need $100 to open an account, but many banks require between a few hundred and a few thousand dollars to open a money market account. </p><bi-shortcode id="related-article-module" class="mceNonEditable" data-type="5e8b370bd5873a3c8d3cda2b" data-title="Here are the best money market accounts for September 2020" data-url="https://www.businessinsider.com/personal-finance/best-money-market-accounts" data-thumbnail="https://i.insider.com/5e94697529d6d957134d9c25" data-shortcode-display-text="Related Article Module: Here are the best money market accounts for September 2020"> </bi-shortcode><p>Money market accounts are known for paying high rates like savings accounts, but also for providing easy access to your money like checking accounts. You can connect your <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="product_editorial_name" data-customtext="" data-shouldlink="true" data-pid="5ec2e1b8f0f419747255b0f4">CIT Bank Money Market Account</bi-inline-shortcode> to Zelle and PayPal, but unlike some competitors, CIT Bank doesn't give you paper checks or a debit card. This means you can't withdraw money from an ATM as you would with other banks.</p><h2>Features of CIT Bank</h2><p>CIT Bank is an online-only institution, so there are no physical branch locations. Its website is easy to navigate, and its mobile app has received 4.6 out of 5 stars in the Apple store, and 4.2 out of 5 stars in the Google Play store.</p><p>The bank offers convenient 24/7 live chat on its site and through the app, and automated phone assistance 24/7. You can speak with a live representative if you call Monday through Friday, 9:00 a.m. to 9:00 p.m. ET, or Saturday from 10:00 a.m. to 6:00 p.m. ET. Live representatives aren't available on Sundays.</p><p>Unlike most banks, CIT Bank doesn't have an ATM network. It does reimburse up to $30 of out-of-network ATM fees per month, though. ATM reimbursements will only affect customers with a checking account, because CIT Bank doesn't provide a debit card for its money market account.</p><p>Your deposits are <a href="https://www.businessinsider.com/personal-finance/what-is-fdic-insurance" target="_blank" rel="noopener">FDIC insured</a> for up to $250,000, or $500,000 for joint accounts.</p><h2>Is CIT Bank trustworthy'</h2><p>The Better Business Bureau gives CIT Bank an <a href="https://www.bbb.org/us/ut/salt-lake-city/profile/bank/cit-bank-1166-13001677" target="_blank" rel="noopener">A- in trustworthiness</a>. A strong BBB score indicates a company responds effectively to customer complaints, is transparent about company practices, and is honest in its advertising.</p><p>In 2019, the Department of Housing and Urban Development <a href="https://www.latimes.com/business/story/2019-07-29/hud-settlement-onewest-bank-redlining-allegations" target="_blank" rel="noopener">sided with the California Reinvestment Coalition</a> in its allegations against a division of CIT Bank called OneWest Bank. The CRC claimed that OneWest discriminated against Latinx and Black people in Los Angeles. Although OneWest never admitted to the discrimination, the bank did agree to pay over $7 million to homeownership programs for racial minorities in LA.</p><p>If this issue worries you, you may decide you'd rather bank with another company.</p><h2>How CIT Bank compares</h2><p>We compared CIT Bank to two other online banks that pay high rates: Marcus by Goldman Sachs and Capital One 360.</p><table style="height: 231px; width: 100%; border-collapse: collapse;" border="1" cellpadding="10px"><tbody><tr style="height: 105px;"><td style="width: 33.3333%; height: 105px; text-align: center;"><img src="https://static3.businessinsider.com/image/5ee3a7864dca681e0242e605-232/cit-bank-logo.png" border="0" alt="cit bank logo" data-mce-source="CIT Savings Builder"></td><td style="width: 33.3333%; height: 105px; text-align: center;"><img src="https://static1.businessinsider.com/image/5ee39bfaaee6a80ab32ceba5-232/marcus-logo.png" border="0" alt="marcus logo" data-mce-source="Goldman Sachs"></td><td style="width: 33.3333%; height: 105px; text-align: center;"><img src="https://static3.businessinsider.com/image/5ee3a71af0f4191a9d200a43-232/capital-one-logo.png" border="0" alt="capital one logo" data-mce-source="Capital One 360"></td></tr><tr style="height: 21px;"><td style="width: 33.3333%; height: 21px; text-align: center;"><p><strong>Account types</strong></p><p>Checking, savings, money market account, CD</p></td><td style="width: 33.3333%; height: 21px; text-align: center;"><p><strong>Account types</strong></p><p>Savings, CD</p></td><td style="width: 33.3333%; height: 21px; text-align: center;"><p><strong>Account types</strong></p><p>Checking, savings, CD</p></td></tr><tr style="height: 21px;"><td style="width: 33.3333%; height: 21px; text-align: center;"><p><strong>Savings APY</strong></p><p><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="annual_percentage_yield_apy_display" data-customtext="" data-shouldlink="false" data-pid="60302102e41a5900124a8565">CIT Bank Savings Connect Account</bi-inline-shortcode> or <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="annual_percentage_yield_apy_display" data-customtext="" data-shouldlink="false" data-pid="5ea352664bca631e872c4ba7">CIT Bank Savings Builder High Yield Savings Account</bi-inline-shortcode></p></td><td style="width: 33.3333%; height: 21px; text-align: center;"><p><strong>Savings APY</strong></p><p><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="annual_percentage_yield_apy_display" data-customtext="" data-shouldlink="false" data-pid="5ea35023e61f3417d3576fba">0.60% APY</bi-inline-shortcode></p></td><td style="width: 33.3333%; height: 21px; text-align: center;"><p><strong>Savings APY</strong></p><p><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="annual_percentage_yield_apy_display" data-customtext="" data-shouldlink="false" data-pid="5ec680c04dca68335c5a5437">0.65% APY</bi-inline-shortcode></p></td></tr><tr style="height: 21px;"><td style="width: 33.3333%; height: 21px; text-align: center;"><p><strong>Minimum opening deposits</strong></p><p>$100, or $1,000 for CDs</p></td><td style="width: 33.3333%; height: 21px; text-align: center;"><p><strong>Minimum opening deposits</strong></p><p>$0, or $500 for CDs</p></td><td style="width: 33.3333%; height: 21px; text-align: center;"><p><strong>Minimum opening deposits</strong></p><p>$0</p></td></tr><tr style="height: 21px;"><td style="width: 33.3333%; height: 21px; text-align: center;"><p><strong>ATM network</strong></p><p>None; refunds $30/month</p></td><td style="width: 33.3333%; height: 21px; text-align: center;"><p><strong>ATM network</strong></p><p>None</p></td><td style="width: 33.3333%; height: 21px; text-align: center;"><p><strong>ATM network</strong></p><p>Network; no refunds</p></td></tr><tr style="height: 21px;"><td style="width: 33.3333%; height: 21px; text-align: center;"><strong><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="brand,name" data-customtext="Open an account" data-shouldlink="true" data-pid="60302102e41a5900124a8565">CIT Bank Savings Connect Account</bi-inline-shortcode></strong></td><td style="width: 33.3333%; height: 21px; text-align: center;"><strong><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="brand,name" data-customtext="Open an account" data-shouldlink="true" data-pid="5ea35023e61f3417d3576fba">Goldman Sachs Marcus by Goldman Sachs High Yield Online Savings Account</bi-inline-shortcode></strong></td><td style="width: 33.3333%; height: 21px; text-align: center;"><strong><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="brand,name" data-customtext="Open an account" data-shouldlink="true" data-pid="5ec680c04dca68335c5a5437">Capital One Capital One 360 Performance Savings</bi-inline-shortcode></strong></td></tr></tbody></table><h3>CIT Bank review vs. Marcus by Goldman Sachs review</h3><p>The two banks pay similar interest rates on savings. Marcus pays the same rate on all balances, though, so it might the better choice if you can't qualify to earn CIT Bank's higher savings APY.</p><bi-shortcode id="related-article-module" class="mceNonEditable" data-type="5ec593884dca6876575c9766" data-title="Marcus by Goldman Sachs has competitive savings accounts and term CDs, but its no-penalty CDs are probably its strongest product" data-url="https://www.businessinsider.com/personal-finance/marcus-bank-review" data-thumbnail="https://i.insider.com/5ecd52122618b93592428bc5" data-shortcode-display-text="Related Article Module: Marcus by Goldman Sachs has competitive savings accounts and term CDs, but its no-penalty CDs are probably its strongest product"> </bi-shortcode><p>You'll probably prefer CIT Bank to Marcus if you want to do all your banking with one institution, or if you want quick access to your savings. Marcus doesn't have a checking account. To tap into your savings, you'd have to transfer money to an external bank account, which could take a couple business days.</p><h3>CIT Bank review vs. Capital One 360 review</h3><p>CIT Bank and Capital One pay similar rates. But you might like Capital One if you don't have much money to open accounts. CIT Bank requires $100 to open most accounts and $1,000 to open CDs, but Capital One doesn't require any opening deposits.</p><bi-shortcode id="related-article-module" class="mceNonEditable" data-type="5ec2932cf34d0559f1429328" data-title="Capital One 360 pays competitive rates on savings accounts, checking accounts, and CDs, with no required opening deposit" data-url="https://www.businessinsider.com/personal-finance/capital-one-bank-review" data-thumbnail="https://i.insider.com/5ec5911df34d056a743f08e3" data-shortcode-display-text="Related Article Module: Capital One 360 pays competitive rates on savings accounts, checking accounts, and CDs, with no required opening deposit"> </bi-shortcode><p>The two banks have opposing approaches to ATMs. CIT Bank doesn't have an ATM network, but it reimburses up to $30 per month for out-of-network ATM fees. Capital One 360 does have an ATM network, but it won't reimburse any out-of-network fees. If you have easy access to the Capital One ATM network (or the AllPoint network, where you can also use your card), you may prefer to bank with Capital One. Otherwise, you could save money on ATM fees with CIT Bank.</p><p><em>Laura Grace Tarpley is the associate editor of banking and mortgages at Personal Finance Insider, covering mortgages, refinancing, bank accounts, and bank reviews. She is also a Certified Educator in Personal Finance (CEPF). Over her four years of covering personal finance, she has written extensively about ways to save, invest, and navigate loans.</em></p><ul class="read-more-links"><li><bi-shortcode id="related-content-module" class="mceNonEditable" data-type="more-savings-coverage" data-sheetname="More Savings Coverage">Related Content Module: More Savings Coverage</bi-shortcode></li></ul><p><a href="https://www.businessinsider.com/personal-finance/cit-bank-review#comments">Join the conversation about this story »</a></p>
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